Published on 8/2/2017 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.24 million phoenix autocallables tied to three stocks
By Susanna Moon
Chicago, Aug. 2 – Barclays Bank plc priced $2.24 million of phoenix autocallable notes due July 30, 2020 linked to the least performing of the common stocks of Marathon Oil Corp., Raytheon Co. and Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11% if each stock closes at or above its 50% coupon barrier on the observation date for that month.
The notes will be called at par if each underlying stock closes at or above its initial level on any quarterly valuation date.
If the notes are not called, the payout at maturity will be par unless any underlying asset finishes below its 50% barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying assets: | Marathon Oil Corp. (Symbol: MRO), Raytheon Co. (Symbol: RTN) and Charles Schwab Corp. (Symbol: SCHW)
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| Amount: | $2,242,000
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| Maturity: | July 30, 2020
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| Coupon: | 11% per year, payable monthly if each stock closes at or above 50% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier level, in which case 1% loss for each 1% decline of worst performing stock
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| Call: | At par if each underlying asset closes at or above its initial level on any quarterly valuation date
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| Initial levels: | $12.18 for Marathon, $168.88 for Raytheon and $42.78 for Schwab
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| Barrier levels: | $6.09 for Marathon, $84.44 for Raytheon and $21.39 for Schwab; 50% of initial levels
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| Pricing date: | July 26
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| Settlement date: | July 31
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| Agent: | Barclays
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| Fees: | 3.25%
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| Cusip: | 06744CBD2
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